Ernest C. Schlotter, a senior analyst with SISM Research – a private investment research firm offering high-quality, independent, fundamental research on public companies – has released a Research Note on Tamm Oil & Gas, an emerging junior oil and gas exploration and development company based in Calgary, Alberta, Canada, dated March 28th 2008, stating the company’s Sawn Lake Project “holds 3P recoverable reserves and up to 175 million barrels of oil.”

Tamm Oil & Gas intends to add corporate asset value through the drilling and production of heavy oil. Tamm has obtained 21 contiguous pieces of land, or 13,440 acres, known as the Manning Properties in the Peace River Oil Sands Area of NW Alberta. The Company has 100% working interest in mineral rights on these lands. Tamm has also entered into a Letter of Intent to acquire a 10% interest in 63 contiguous sections of oil sands leases in the Sawn Lake area of Alberta’s Peace River oil sands.

“Pan Orient’s (POE.V) Sawn Lake Project was recently valued by DeGolyer and MacNaughton, and based on 27.1 net sections, was calculated to hold net probable reserves of 72.9 million barrels and a net reserves PV10 value of $405 million,” said Analyst Schlotter. “Tamm has 31.5 net sections in the same area, which can be valued at a net present value of $470.8 million, discounted at ten percent, based on DeGolyer and MacNaughton’s forecasted pricing. In February of 2004, Ryder Scott estimated that the Sawn Lake Project contained 819 million barrels of OOIP, while log analyses indicated up to 1.6 billion barrels of oil-in-place. In late 2004, AJM of Calgary estimated oil-in-place at 1.2 billion barrels, with the potential for significant expansion of resource. Three drilling programs in 2006 confirmed that Sawn Lake is a heavy oil play with the possibility of cold flow in some parts of the reservoir.”

Schlotter also said, “Tamm Oil and Gas has an attractive valuation, trading at thirty-one percent of its 2008E FDNAVPS. The SISM Research NAV breakdown, based on our per-barrel value assumptions on recent oil sands transaction metrics, is $6.56. We estimate that it will take approx. three to four years, on average, for an SAGD producer to convert contingent resources to reserves. Based on the DeGolyer and MacNaughton reserves appraisal report, just recently released, we arrived at a NAV breakdown of $4.12 for the Sawn Lake Project only.”